Http://www.neosolarpower.com

2009-12

Neo Solar Power Corp. (3576 TT)

Professional maker of QUALITYQUALITY solar cells

Corporate Presentation

600MW – Ready for Take-off

P. 2

Safe Harbor StatementSafe Harbor Statement

This presentation may contain various forward-looking statements and include assumptions concerning Neo Solar Power Corp. (NSP) operations, future results and prospects. These forward-looking statements are based on current expectations and are subject to risk and uncertainties. NSP provides the following cautionary statement identifying important factors which, among others, could cause the actual results or events to differ materially from those set forth or implied by the forward-looking statements and related assumptions.

Such factors and other risks are discussed in greater detail in the NSP’s filings with the Securities and Futures Bureau of the Financial Supervisory Commission, Executive Yuan, R.O.C. and the Taiwan Stock Exchange Corp.

P. 3

1. Impact of Economic Downturn

2. Solar Industry Outlook

3. NSP’s Competitive Advantage

4. NSP’s Growth Plan

5. NSP’s Track Record, Financial Performance & Outlook

Opening RemarksOpening Remarks

P. 4

Founded： 2005Capital: NT$2,108.5M (Nov.09)Capacity： 240MWEmployees： 630Location： HsinChu, Taiwan

Fab 1: Installed capacity 100 MW Fab 2: Installed capacity 140MW(Max. 680MW)

NSP Background InformationNSP Background Information

P. 5

n Dr. Quincy Lin, Chairman and CEOn More than 30 years of high-tech management experiencen Chairman, Fortune Venture Group IC Fundn Senior Vice President, TSMCn Board directors of two Taiwan public companiesn Elected Most Influential 50 Alumni of National Chiao-Tung University n Ph.D. in Business Administration, MBA, BS in Electronic Engineering

n Dr. Sam Hong, President and COO n More than 30 years of experience in photovoltaic solar energy

(PV device professional)n Vice President & Plant Director, Sinonar Amorphous Silicon Solar Cell Co.n Director, PV Solar Energy Division, ITRI n Ph.D. Electrical Engineering

Management Team (1/2)Management Team (1/2)

P. 6

Management Team (2/2)Management Team (2/2)n Gary Yang, Senior Vice President and CFOn Vice President, Sino-Century Venture Capital and PowerWorld Capital Managementn MS Finance, MS Nuclear Science

n Andy Shen, Senior VP, Worldwide Sales & Marketingn Senior Director, TSMC; President, TSMC-Europen MBA, Santa Clara University; MS Electrical Engineering, Case Western Reserve Univ.

n Dr. Alex Wen, Senior VP, Operationn Specialize in silicon refinery (Si-material professional)n Ph.D, Power Mechanical Engineering, National Tsing-Hua University

n Marco Hu, Senior VP, Strategy Developmentn Specialize in business and operation development & management (PV module professional)n Bachelor, Communication Engineering, National Chiao Tung University

P. 7

2005.12 Company founded2006.12 1st line at FAB 1 reached 100% utilization and break-even

for 20062007.10 Broke ground for FAB 2 and Headquarters’ building

12 Best 2007 ROE (33.74%) & ROA (22.08%) among Taiwanlisted peers

2008.03 Solar cell revenues ranked the 3rd largest in Taiwan06 1st to set up Audit Committee in the Board before IPO08 FAB 2 launched mass production; capacity reached 210MW12 Revenues topped NT$10.176 billion

2009.01 1st to be listed on TSE Main Board in 2009 (2009/1/12)03 Ranked as the world top-20 cell manufacturers by influential

Photon magazine06 Strongest sales rebound among peers (up 51.8% mom)07 1st to return to 100% utilization among peers09 Best 3Q09 utilization among peers

MilestonesMilestones

P. 8

AwardsAwards

2008.05Recognized by

Business Today MagazineTop 5 in Revenue GrowthTop 6 in Profit Growthone of top 10 candidates to be the highest priced stock in Taiwan

2009.05Recognized by

CommonWealth MagazineTop 3 best Growth ManufacturerTop 8 in Operation Efficiency(measured by revenue & profit growth, and ROE )

2009.09Recognized by

Deloitte & ToucheOne of Top 10 Deloitte Technology Fast 500 Asia Pacific Ranking and CEO Survey

P. 9

Polysilicon Wafer Solar Cell Module System

NSP

Mono-crystalline silicon solar cells( 156 x 156156 x 156 mm) or 6”2-busbar & 3-busbar

Multi-crystalline silicon solar cells( 156 x 156156 x 156 mm) or 6”2-busbar & 3-busbar

PV Industry Value ChainPV Industry Value Chain

P. 10

Worldwide PV Demand OutlookWorldwide PV Demand Outlook

2.4

5.5 5.2

12.3

8.3

19.2

0

5

10

15

20

25

2007 2008 2009 2010 2011 2012

GW

Source: NSP Estimates

P. 11

Continued Growth MomentumContinued Growth Momentum

60%83005200Total

70%1450850ROW

250%700200China

100%800400Japan

150%1000400U.S.A.

50%450300Spain

64%900550Italy

20%30002500Germany

Growth2010 (est.)2009

Source: NSP Estimates

Unit: MWUnit: MW

P. 12

NSP Market StrategyNSP Market Strategy

n Continue to strengthen NSP brand of high quality and high performance

n Create differentiation and maintain price premium

n Expand customer base in Europe and Asia

n Penetrate US and Japan markets

n Partner with strategic customers and grow together in 2010

P. 13

NSP Product StrategyNSP Product Strategy

-

Classic Cells

Multi-crystalline Mono-crystallineHigh Performance Market

Mainstream Market

P. 14

PolysiliconPolysilicon & Wafer Supply& Wafer Supplyn Global polysilicon supply will continue to grow in 2010 which will lead to

oversupply situation. $45~$50/kg of spot poly price can be expected by 2010/E. Such level of poly price will strongly stimulate the PV demand

n Over-capacity on wafering still exists in 2010. Consolidation will keep going and low utilaztion can be observed in non-competitive wafer companies. In contrast, cost-competitive & quality wafer companies can enjoy the growth of the market

Source: NSP Estimates

Global Solar Wafer Capacity

02000400060008000

1000012000140001600018000

2009 2010

ROWTaiwanChinaEurope

MW

Source: NSP Estimates

Global Polysilicon Capacity

0

50000

100000

150000

200000

250000

2008 2009 2010 2011

Tier IITier I

MT

P. 15

0

5 ,0 00

10 ,0 00

15 ,0 00

20 ,0 00

25 ,0 00

2 00 9 2 01 0

MWCel l

M odu le

Crystalline Cell & Module SupplyCrystalline Cell & Module Supplyn Global solar cell capacity will continue to grow about 40% in 2010 which will lead

to oversupply situation. High performance / low cost cell makers will outpace others. The ASP of solar cell in 2010 is expected to continue decline at moderate rate than that in 2009

n Over-capacity on PV module sector will still exist in 2010. Consolidation will happen in not-cost-competitive and weak branding module companies

Source: NSP Estimates

Global Crystalline Cell and Module Capacity

P. 16

High Quality & Reliability

nLowest Power LossnLowest Light Induced

DegradationnLow Breakage Rate

Technology Leadership

nLeverage PV device physics &semiconductor processtechnology

nHigh conversion efficiencynNew product development

Strong Customer & Supplier Partnership

nTier 1 customer basenGlobal presencenTechnical collaboration

with customers & suppliers

Competitive Manufacturing Costs

nOne of the lowest manufacturingcosts in the world

nRigorous semiconductormanufacturing discipline

NSPNSP’’ss Competitive AdvantagesCompetitive Advantages

P. 17

Phenomenal GrowthPhenomenal Growth

Shipment Volume

35.9

102.0

200.0

0.0

100.0

200.0

2007(A) 2008(A) 2009(E)

MW

X1.8 yoy

X2.0 yoy

+

P. 18

-100

100

300

500

700

900

2005 2006 2007 2008 1~3Q09

Revenue & ProfitsRevenue & Profits

0

2,000

4,000

6,000

8,000

10,000

2006 2007 2008 1~3Q09

NTD$M

Revenues Profits

NTD$M

NT$3,662M

NT$548M

NT$380M NT$9M

NT$10,176M NT$831M

177.87%

51.61%NT$6,954M

(NT$699M)

P. 19

(4.50)

(823,073)

(21,779)

(801,294)

72,086

(873,380)

(129,808)

-19.48%

(743,572)

(4,561,220)

3,817,648

1H09

0.686.125.98 EPS (NT$/shares)

123,723

(4,115)

127,844

(86,306)

214,150

(82,827)

9.47%

296,977

(2,839,572)

3,136,549

3Q09

831,339548,354Net Profits

62,94415,007Tax (Expenses) Benefits

768,395533,347Pre-tax Income

265,91729,569Non-Ops Income (Loss)

502,478503,778Operating Income (Loss)

(314,792)(82,732)Operating Expenses

8.04%16.02%Gross Margin

817,270586,510Gross Income

(9,358,744)(3,075,578)COGS

10,176,0143,662,088Revenue, Net

20082007NTD$000’

Income StatementsIncome Statements

P. 20

Solid Financial PositionSolid Financial Position

20.43%

11.05%

49.77%

NT$38

NT$5.5 billion

NT$1.1 billion

End of 2008

N/AROA

N/AROE

NT$29Net Value per Share

NT$6.1 billionShareholders’ Equity

NT$3.1billionCash & Cash Equivalent

47.42%Debt to Asset Ratio

End of3Q09Items

n Strong CF performance:n 1~3Q09: CF from OPS totaled NT$699M, best among peersn Cash & cash Equivalent & CD totaled NT$3.5Bn + by 3Q09

P. 21

Revenues by RegionRevenues by Region

Asia48%

Other4% Europe

48%

Year 2008

1~3Q09

Asia49%

Europe49%

Other2%

1~3Q09 Total Shipment: 124.3MW

P. 22

NSP Technology RoadmapNSP Technology Roadmapn Leveraging PV devices & semiconductor processes to create technology

differentiation and competitiveness on cost & qualityn Current Patent status:Granted: 9 cases; Applied: 7 cases; Developing: 4 cases

2010 20112009

17.0%

18.0%

19.0%Efficiency

17.8%

17.74%

18.5%

18.0%

19.0%

18.5%

Mono-Si cell (156x156mm)

High performance cellsClassic Cells

Efficiency

2010 20112009

16.0%

17.0%

18.0%

16.8%

16.42%

17.8%

17.0%

18.0%

17.5%

Multi-Si cell (156x156mm)

P. 23

30 60 90 100 100 100

120 140

500

680

2 2 0

0

500

1,000

2006 2007 2008 2009 2010(E) 2011(E)

FAB 1 FAB 2

FAB 3

Capacity Expansion PlanCapacity Expansion PlanYear-end Capacity Plan

210MW 240MW

2009-2011(E) CAGR: 104% p.a.

600MW

MW

1GW

P. 24

n Further QoQ shipment growth in 4Q09: Est. 25MW/mo vs22MW/mo in 3Q09

n Shipment & capacitynExpected shipment: n200+MW for 2009n400~500MW for 2010

n 360MW capacity expansion: (Total Capex: NT$2.7Bn)n1st 180MW: ramp-up in 1~2Q10nCapex: NT$1.3Bn (Equipment + Facility)

n2nd 180MW: ramp-up in 2~3Q10nCapex: NT$1.4Bn (Equipment + Facility)

Top Line GuidanceTop Line Guidance

P. 25

n ASP expected to decline at a slower raten 50%+ yoy global demand growthn Strong poly supply expected to further drive down wafer cost per

wattnWacker & Hemlock expansion

n Technology development to reduce non-wafer cost (manufacturing cost)n 4Q09 average conversion efficiency: nMulti-crystalline: 16.5%nMono-crystalline: 17.8%

n Target average conversion for 2010:nMulti-crystalline: 17.2%nMono-crystalline: 18.5%

Key Drivers for Key Drivers for Margin ImprovementMargin Improvement

P. 26

n Operating Expense:

nHistorically 2-3% to Revenues

nConscious cost control mechanism

n Non-Operating Income (Expenses)

nECB impactnNon-cash ECB interest amortizationnFinancial liabilities valuation risk

n Foreign Exchange Rate

Risk FactorsRisk Factors

P. 27

Q & AQ & AThank you for your attention!Thank you for your attention!